Because the money has earned no money, it can be converted without tax consequences aside from a requirement to fill out IRS Form 8606. For high-income earners, the backdoor Roth may sound like a ...

But you have to report them on Form 8606. And again, the tax programs are great on this. Again, garbage in, garbage out, if ...

Recommended Read: What is IRS Form 8606: Nondeductible IRAs Watch the video interview above, or read the video transcript below. TurboTax Live experts look out for you. Expert help your way ...

IRA basis represents the funds in an IRA that have already been taxed, either because they were nondeductible IRA contributions, or they were after-tax funds rolled over from company retirement ...